DBS Bank forges alliance to adopt blockchain technology

DBS Bank (China) Ltd signed a cooperation agreement with Shanghai Wanxiang Blockchain Inc, aiming to leverage their respective strengths and business resources and promote the adoption of blockchain technology in the financial industry.

The partnership will help DBS put in place an effective ecosystem that supports its financial innovation, the bank said.

By adopting a distribution ledger, the bank will be able to obtain more accurate transaction information including supplier contracts, invoices and logistics, and identify new clients further down in the supply chain.

The two parties will leverage their respective strengths and business resources to collaborate in areas including blockchain technology, supply chain financing, risk control and product innovation.

“Our strategic alliance with Wanxiang Blockchain is a key step forward for us in improving our banking service through the adoption of the latest financial technology," Neil Ge, chief executive officer of DBS Bank (China) said.